The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.
When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount.
The IRS says the parent doesn’t qualify for any portion of the credit, but if the child hasn’t owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.
When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.
Source: Washington Post Writers Group, Kenneth R. Harney (12/04/2009)
[caption id="attachment_152" align="aligncenter" width="225"] Fort Wayne Realtors give back[/caption] Through the Fort Wayne Christmas Bureau, the REALTORS at North Eastern Group Realty had the privilege of donating items to a young mother and her two small children. It was a great reminder that although this has been a difficult year for many REALTORS, in reality, we...
Hawthorne Park was one of the most sought after communities that The North Eastern Group companies have ever developed. The desirable location, sought after school system, and superior design caused home sites and spec homes to sell very rapidly. Unfortunately, Hawthorne Park has been sold out for several years. The recent expansion of the Parkview...